LynnN82
Expert Alumni

Deductions & credits

Yes, there is a provision in tax law permitting the tax free exchange of real property that is held for the productions of income (rental, usually) or used in a trade or business, such as a store building or a warehouse. 

 

if you are in the business of flipping houses, the like kind provision  would not apply to them to get tax-free exchange treatment. 

 

Here's a great article from TurboTax  on the subject of tax free exchanges, including the form to file if your transaction qualifies.

 What is IRS Form 8824: Like-Kind Exchange - TurboTax Tax ... 

 

Now, about saving tax dollars by contributing to an IRA, here's a great article on that subject and other great ideas. .IRA Deductions